MCX Gold and Silver Tips, Copper and Crude Updates, NCDEX Tips

Friday, January 6, 2012
Precious metals are trading flat on COMEX today. Industrial metals are trading higher on International bourses today. We expect prices to trade lower for the day on account of concerns that the euro zone crisis is dragging demand  growth lower. Crude oil is trading lower on NYMEX today. We expect prices to trade lower for the day on account of a stronger dollar and an unexpected rise in oil inventories. Support for February copper is seen at Rs.398 while resistance is seen at Rs.409. All base metals are trading on a flat note today.

Pepper prices plummeted yesterday from a high of 32770, closed the day at 31715. We expect an initial pullback towards 32200 levels before resuming the down trend towards 31500 then 30900 levels for the day. On the other hand, if  prices bounce back above 33500, may negate the near term bearish view.
Downside supports: 31460/30900/30500.